Pacific Biometrics, Inc. Awarded Major Research Contract as Part of Global Phase III Arthritis Program 5/10/2007
SEATTLE, May 10, 2007 (BUSINESS WIRE) -- Pacific Biometrics, Inc. (OTCBB:PBME) ("PBI") has been awarded a contract worth an estimated $1.2 million with a top multinational pharmaceutical company (the "Sponsor"). This contract, related to a biological treatment for rheumatoid arthritis (RA), will provide essential laboratory data for a pivotal, global Phase III program.
PBI is specifically contracted to provide autoantibody testing to support the studies in the Sponsor's phase III clinical development program. The Sponsor ultimately hopes to submit a new drug application (NDA) filing with the FDA and equivalent filings with regulatory agencies in other jurisdictions. Testing for the newly awarded contract is expected to begin in Q3 2007 and to last up to 5 years.
"Our inclusion in this pivotal, international phase III arthritis program is exciting on multiple fronts," said Ron Helm, Chief Executive Officer of Pacific Biometrics. "First of all, these studies will further strengthen our relationship with this Sponsor, who accounts for an important and growing percentage of our more diversified customer base. Furthermore, our selection for this project is validation for our worldwide, best-in-class testing of biomarkers as they relate to the diagnosis and treatment of arthritis -- a growing area of expertise for the Company. Finally, assuming the scope of the studies remains unchanged, the contract should have a meaningful impact on our fiscal 2008 financial results."
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.